States now operate without federal guidance over taxing out-of-state merchants for online sales — so each is making its own rules. That creates a complex selling environment that eTailers struggle to navigate, says Ted Hettich, chief sales officer of online shopping marketplace Fruugo. In the...
Consumers are flocking to eCommerce, and more than 230 million U.S. consumers are expected to be shopping online by 2021. Merchants are eagerly striving to be selected to fulfill consumers’ purchasing needs and to stand out from an increasingly crowded eCommerce field. There are already...
The Group of 20 finance ministers said over the weekend that they will come up with common rules to prevent tech companies from using tactics to lower taxes. Reuters, citing a communique issued by the Group of 20 finance ministers, reported that the moves are...
H&R Block and Intuit, the maker of TurboTax software, are facing calls from lawmakers for the Internal Revenue Service to cancel agreements with the companies and launch an investigation into their business practices. The calls, which came in the form of letters sent to the...
To paraphrase an old investment ad campaign: “When Charlie Munger speaks, people listen.” After all, Munger has had a storied career spanning decades with Warren Buffett, is a billionaire and as vice chairman of Berkshire Hathaway has a platform to discuss all manner of public...
France and Germany have come up with a compromise for a European Union (EU)-wide digital tax, abandoning a wide-ranging 3 percent tax on revenues generated by ad sales in the digital economy. According to the Financial Times (FT), the new version would target tech giants like Facebook...
The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.” According to Quartz, the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis...
With news of the Trump Administration’s planned 25 percent tariff on Chinese imports circulating, the National Retail Federation (NRF) said the move could be very detrimental to the U.S. economy. In particular, the NRF’s president and CEO Matthew Shay told Chain Store Age that the move would...
A day after the U.S. Supreme Court opened the door to state collection of sales taxes for eCommerce purchases, questions swirled about software, Congressional action, marketplace sellers and how consumers would react. Five Supreme Court justices may have settled one of the longstanding issues of...